Form N-CSR is to be used by management investment companies to file reports with the Commission not
later than 10 days after the transmission to stockholders of any report that is required to be
transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR
270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory,
disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission
will make this information public. A registrant is not required to respond to the collection of
information contained in Form N-CSR unless the Form displays a currently valid Office of Management
and Budget (OMB) control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the burden to Secretary,
Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed
this collection of information under the clearance requirements of 44 U.S.C. § 3507.

The Sarbanes-Oxley Act requires a funds principal executive and financial officers to certify
the entire contents of the semi-annual and annual shareholder reports in a filing with the
Securities and Exchange Commission (SEC) on Form N-CSR. This certification would cover the
portfolio managers commentary and subjective opinions if they are attached to or a part of the
financial statements. Many of these comments and opinions would be difficult or impossible to
certify.

Because we do not want our portfolio managers to eliminate their opinions and/or restrict
their commentary to historical facts, we have separated their commentary from the financial
statements and investment portfolio and have sent it to you separately. Both the commentary and the
financial statements, including the portfolio of investments, will be available on our website at
www.gabelli.com.

Enclosed are the audited financial statements including the investment portfolio as of December 31, 2010.

Investment Performance

For the year ended December 31, 2010, The Gabelli Global Gold, Natural Resources & Income
Trusts (the Fund), net asset value (NAV) total return was 27.3% and the total return for the
Funds publicly traded shares was 30.8%, compared with gains of 5.9% and 34.7% for the Chicago
Board Options Exchange Index (CBOE) S&P 500 Buy/Write Index and the Philadelphia Gold & Silver
Index, respectively.

On December 31, 2010, the Funds NAV per share was $18.25, while the price of the Funds
publicly traded shares closed at $19.27 on the NYSE Amex.

In line with its primary investment objective  to provide a high level of current income,
the Fund employed a derivatives strategy utilizing call options. The Fund earned short-term gains
on premiums received from writing call options, primarily on the equity securities held in its
portfolio. For 2010, this option strategy enabled the Fund to outperform the CBOE S&P 500 Buy/Write
Index benchmark.

Sincerely yours,

Bruce N. Alpert

President

February 25, 2011

Comparative Results

Average Annual Returns through December 31, 2010 (a) (Unaudited)

Since

Inception

Quarter

1 Year

3 Year

5 Year

(03/31/05)

Gabelli Global Gold, Natural Resources & Income Trust

NAV Total Return (b)

10.50

%

27.25

%

(5.19

)%

5.80

%

8.70

%

Investment Total Return (c)

13.10

30.77

(3.48

)

6.90

8.59

CBOE S&P 500 Buy/Write Index

5.71

5.86

(1.66

)

2.81

3.11

Philadelphia Gold & Silver Index

15.04

34.67

9.34

12.09

16.59

Amex Energy Select Sector Index

22.24

22.01

(3.05

)

8.11

10.21

Barclays Capital Government/Corporate Bond Index

(2.11

)

6.61

5.58

5.53

5.33

(a)

Returns represent past performance and do not guarantee future results. Investment returns and
the principal value of an investment will fluctuate. When shares are sold, they may be worth more
or less than their original cost. Current performance may be lower or higher than the performance
data presented. Visit www.gabelli.com for performance information as of the most recent month end.
Performance returns for periods of less than one year are not annualized. Investors should
carefully consider the investment objectives, risks, charges, and expenses of the Fund before
investing. The CBOE S&P 500 Buy/Write Index is an unmanaged benchmark index designed to reflect the
return on a portfolio that consists of a long position in the stocks in the S&P 500 Index and a
short position in a S&P 500 (SPX) call option. The Philadelphia Gold & Silver Index is an unmanaged
indicator of stock market performance of large North American gold and silver companies, while the
Amex Energy Select Sector Index is an unmanaged indicator of stock market performance of large U.S.
companies involved in the development or production of energy products. The Barclays Capital
Government/Corporate Bond Index is an unmanaged market value weighted index that tracks the total
return performance of fixed rate, publicly placed, dollar denominated obligations. Dividends and
interest income are considered reinvested. You cannot invest directly in an index.

(b)

Total returns and average annual returns reflect changes in the NAV per share and reinvestment
of distributions at NAV on the ex-dividend date and are net of expenses. Since inception return is
based on an initial NAV of $19.06.

(c)

Total returns and average annual returns reflect changes in closing market values on the NYSE
Amex and reinvestment of distributions.Since inception return is based on an initial offering price of $20.00.

The following table presents portfolio holdings as a percent of total investments as of
December 31, 2010:

Long Positions

Metals and Mining

54.0

%

Energy and Energy Services

35.7

%

Exchange Traded Funds

0.2

%

U.S. Government Obligations

10.1

%

100.0

%

Short Positions

Call Options Written

(4.9

)%

Put Options Written

(0.1

)%

(5.0

)%

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third
quarters of each fiscal year on Form N-Q, the last of which was filed for the quarter ended
September 30, 2010. Shareholders may obtain this information at www.gabelli.com or by calling the
Fund at 800-GABELLI (800-422-3554). The Funds Form N-Q is available on the SECs website at
www.sec.gov and may also be reviewed and copied at the SECs Public Reference Room in Washington,
DC. Information on the operation of the Public Reference Room may be obtained by calling
1-800-SEC-0330.

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months
ended June 30th, no later than August 31st of each year. A description of the Funds proxy voting
policies, procedures, and how the Fund voted proxies relating to portfolio securities is available
without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The
Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SECs website at
www.sec.gov.

Securities, or a portion thereof, with a value of
$340,604,184 were pledged as collateral for options
written.

(b)

Security fair valued under procedures established
by the Board of Trustees. The procedures may include
reviewing available financial information about the
company and reviewing the valuation of comparable
securities and other factors on a regular basis. At
December 31, 2010, the market value of fair valued
securities amounted to $3,462,944 or 0.30% of total
investments.

(c)

At December 31, 2010, the Fund held investments in
restricted securities amounting to $43,047 or 0.00% of
total investments, which were valued under methods
approved by the Board of Trustees as follows:

Acquisition

Shares/

12/31/10

Principal

Acquisition

Acquisition

Carrying Value

Amount

Issuer

Date

Cost

Per Unit

307,692

Comanche Energy Inc.

06/17/08

$

1,849,998



34,091

Comanche Energy Inc., Cl. A,
Warrants expire 06/18/13

06/17/08

93,750



36,197

Comanche Energy Inc., Cl. B,
Warrants expire 06/18/13

06/17/08

93,750



82,965

Comanche Energy Inc., Cl. C,
Warrants expire 06/18/13

06/17/08

187,501



$

4,471,462

Comanche Energy Inc.,
PIK, 15.500%, 06/13/13

06/17/08

4,246,462

$

0.9627

(d)

Illiquid security.

(e)

Amount represents less than 0.5 shares.

(f)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended.
These securities may be resold in transactions exempt from registration, normally to qualified
institutional buyers. At December 31, 2010, the market value of Rule 144A securities amounted to
$3,419,897 or 0.30% of total investments.

(g)

Principal amount denoted in Canadian dollars.

(h)

At December 31, 2010, the Fund has entered into over-the-counter Option Contracts Written with
Pershing LLC and Morgan Stanley.

Net assets including liquidation value of preferred shares,
end of period (in 000s)

$

1,119,246

$

620,047

$

289,046

$

633,253



Net assets attributable to common shares, end of period (in 000s)

$

1,020,354

$

521,155

$

190,109

$

533,253

$

432,741

Ratio of net investment income/(loss) to average net assets attributable
to common shares

0.41

%

1.44

%

0.39

%

(0.09

)%

0.42

%

Ratio of operating expenses to average net assets attributable to
common shares (b)

1.33

%

1.78

%

1.69

%

1.45

%

1.17

%

Ratio of operating expenses to average net assets including
liquidation value of preferred shares (b)

1.17

%

1.35

%

1.37

%

1.39

%



Portfolio turnover rate 

51.5

%

61.0

%

41.5

%

71.3

%

114.8

%

Preferred Shares:

6.625% Series A Cumulative Preferred Shares

Liquidation value, end of period (in 000s)

$

98,892

$

98,892

$

98,937

$

100,000



Total shares outstanding (in 000s)

3,956

3,956

3,957

4,000



Liquidation preference per share

$

25.00

$

25.00

$

25.00

$

25.00



Average market value (c)

$

26.01

$

24.60

$

24.10

$

24.16



Asset coverage per share

$

282.95

$

156.75

$

73.04

$

158.31



Asset coverage

1,132

%

627

%

292

%

633

%





Based on net asset value per share, adjusted for reinvestment of distributions at the net
asset value per share on the ex-dividend dates.



Based on market value per share, adjusted for reinvestment of distributions at prices determined under the Funds dividend reinvestment
plan.



Effective in 2008, a change in accounting policy was adopted with regard to the calculation of
the portfolio turnover rate to include cash proceeds due to mergers. Had this policy been
adopted retroactively, the portfolio turnover rate for the year ended December 31, 2007 would
have been 77.7%. The portfolio turnover rate for the year ended 2006 would have been as shown.

(a)

Calculated based upon average common shares outstanding on the record dates throughout the periods.

(b)

The Fund incurred interest expense during the years ended December 31, 2008, 2007, and 2006. If
interest expense had not been incurred, the ratio of operating expenses to average net assets
attributable to common shares would have been 1.54%, 1.33%, and 1.16%, respectively, and for 2008
and 2007, the ratio of operating expenses to average net assets including liquidation value of
preferred shares would have been 1.25% and 1.27%, respectively. For the years ended December 31,
2010 and 2009, the effect of interest expense was minimal.

1. Organization. The Gabelli Global Gold, Natural Resources & Income Trust (the Fund) is a
non-diversified closed-end management investment company organized as a Delaware statutory trust on
January 4, 2005 and registered under the Investment Company Act of 1940, as amended (the 1940
Act). Investment operations commenced on March 31, 2005.

The Funds primary investment objective is to provide a high level of current income. The
Funds secondary investment objective is to seek capital appreciation consistent with the Funds
strategy and its primary objective. Under normal market conditions, the Fund will attempt to
achieve its objectives by investing 80% of its assets in equity securities of companies principally
engaged in the gold and natural resources industries. As part of its investment strategy, the Fund
intends to earn income through an option strategy of writing (selling) covered call options on
equity securities in its portfolio. The Fund anticipates that it will invest at least 25% of its
assets in the equity securities of companies principally engaged in the exploration, mining,
fabrication, processing, distribution, or trading of gold, or the financing, managing and
controlling, or operating of companies engaged in gold related activities (Gold Companies). In
addition, the Fund anticipates that it will invest at least 25% of its assets in the equity
securities of companies principally engaged in the exploration, production, or distribution of
natural resources, such as gas and oil, paper, food and agriculture, forestry products, metals, and
minerals as well as related transportation companies and equipment manufacturers (Natural
Resources Companies). The Fund may invest in the securities of companies located anywhere in the
world.

The Fund may invest a high percentage of its assets in specific sectors of the market in order
to achieve a potentially greater investment return. As a result, the Fund may be more susceptible
to economic, political, and regulatory developments in a particular sector of the market, positive
or negative, and may experience increased volatility to the Funds NAV and a magnified effect in
its total return.

2. Significant Accounting Policies. The Funds financial statements are prepared in accordance with
U.S. generally accepted accounting principles (GAAP), which may require the use of management
estimates and assumptions. Actual results could differ from those estimates. The following is a
summary of significant accounting policies followed by the Fund in the preparation of its financial
statements.

Security Valuation. Portfolio securities listed or traded on a nationally recognized
securities exchange or traded in the U.S. over-the-counter market for which market quotations are
readily available are valued at the last quoted sale price or a markets official closing price as
of the close of business on the day the securities are being valued. If there were no sales that
day, the security is valued at the average of the closing bid and asked prices or, if there were no
asked prices quoted on that day, then the security is valued at the closing bid price on that day.
If no bid or asked prices are quoted on such day, the security is valued at the most recently
available price or, if the Board of Trustees (the Board) so determines, by such other method as
the Board shall determine in good faith to reflect its fair market value. Portfolio securities
traded on more than one national securities exchange or market are valued according to the broadest
and most representative market, as determined by Gabelli Funds, LLC (the Adviser).

Portfolio securities primarily traded on a foreign market are generally valued at the
preceding closing values of such securities on the relevant market, but may be fair valued pursuant
to procedures established by the Board if market conditions change significantly after the close of
the foreign market but prior to the close of business on the day the securities are being valued.
Debt instruments with remaining maturities of sixty days or less that are not credit impaired are
valued at amortized cost, unless the Board determines such amount does not reflect the securities
fair value, in which case these securities will be fair valued as determined by the Board. Debt
instruments having a maturity greater than sixty days for which market quotations are readily
available are valued at the average of the latest bid and asked prices. If there were no asked
prices quoted on such day, the security is valued using the closing bid price. U.S. government
obligations with maturities greater than sixty days are normally valued using a model that
incorporates market observable data such as reported sales of similar securities, broker quotes,
yields, bids, offers, and reference data. Certain securities are valued principally using dealer
quotations.

Securities and assets for which market quotations are not readily available are fair valued as
determined by the Board. Fair valuation methodologies and procedures may include, but are not
limited to: analysis and review of available financial and non-financial information about the
company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of
foreign securities with the equivalent U.S. dollar value ADR securities at the close of the U.S.
exchange; and evaluation of any other information that could be indicative of the value of the
security.

The inputs and valuation techniques used to measure fair value of the Funds investments are
summarized into three levels as described in the hierarchy below:

A financial instruments level within the fair value hierarchy is based on the lowest
level of any input both individually and in aggregate that is significant to the fair value
measurement. The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. The summary of the Funds
investments in securities and other financial instruments by inputs used to value the Funds
investments as of December 31, 2010 is as follows:

Valuation Inputs

Level 1

Level 2

Level 3

Total

Quoted

Other Significant

Significant

Market Value

Prices

Observable Inputs

Unobservable Inputs

at 12/31/10

INVESTMENTS IN SECURITIES:

ASSETS (Market Value):

Common Stocks:

Energy and Energy Services

$

403,267,201



$

0

$

403,267,201

Other Industries (a)

599,468,120





599,468,120

Total Common Stocks

1,002,735,321



0

1,002,735,321

Convertible Preferred Stocks (a)

4,355,200





4,355,200

Rights (a)

410,536





410,536

Warrants:

Energy and Energy Services





0

0

Metals and Mining

339,435

$

642,412



981,847

Total Warrants

339,435

642,412

0

981,847

Convertible Corporate Bonds



10,466,875

3,419,897

13,886,772

Corporate Bonds



17,769,613

43,047

17,812,660

U.S. Government Obligations



116,110,099



116,110,099

TOTAL INVESTMENTS IN SECURITIES  ASSETS

$

1,007,840,492

$

144,988,999

$

3,462,944

$

1,156,292,435

INVESTMENTS IN SECURITIES:

LIABILITIES (Market Value):

EQUITY CONTRACTS:

Call Options Written

$

(32,179,367

)

$

(24,072,407

)

$



$

(56,251,774

)

Put Options Written

(1,425,525

)

(208,530

)



(1,634,055

)

TOTAL INVESTMENTS IN SECURITIES  LIABILITIES

$

(33,604,892

)

$

(24,280,937

)

$



$

(57,885,829

)

(a)

Please refer to the Schedule of Investments for the industry classifications of these portfolio
holdings.

The Fund did not have significant transfers between Level 1 and Level 2 during the year
ended December 31, 2010.

The following table reconciles Level 3 investments for which significant unobservable inputs
were used to determine fair value:

Net change

in unrealized

appreciation/

depreciation

Change in

during the

Balance

Accrued

Realized

unrealized

Net

Transfers

Transfers

Balance

period on Level 3

as of

discounts/

gain/

appreciation/

purchases/

into

out of

as of

investments held

12/31/09

(premiums)

(loss)

depreciation

(sales)

Level 3

Level 3

12/31/10

at 12/31/10

INVESTMENTS IN SECURITIES:

ASSETS (Market Value):

Common Stocks:

Energy and Energy Services

$

0

$



$



$



$



$



$



$

0

$



Warrants:

Energy and Energy Services

0













0



Convertible Corporate Bonds







(85,450

)

2,800,000

705,347



3,419,897

(85,450

)

Corporate Bonds

768,131

44,975



(1,400,865

)

630,806





43,047

(1,400,865

)

TOTAL INVESTMENTS IN SECURITIES

$

768,131

$

44,975

$



$

(1,486,315

)

$

3,430,806

$

705,347

$



$

3,462,944

$

(1,486,315

)



Net change in unrealized appreciation/depreciation on investments is included in the related
amounts in the Statement of Operations.



The Funds policy is to recognize transfers into and
transfers out of Level 3 as of the beginning of the reporting period.

In January 2010, the Financial Accounting Standards Board (FASB) issued amended
guidance to improve disclosure about fair value measurements which requires additional disclosures
about transfers between Levels 1 and 2 and separate disclosures about purchases, sales, issuances,
and settlements in the reconciliation of fair value measurements using significant unobservable
inputs (Level 3). FASB also clarified existing disclosure requirements relating to the levels of
disaggregation of fair value measurement and inputs and valuation techniques used to measure fair
value. The amended guidance is effective for financial statements for fiscal years beginning after
December 15, 2009 and interim periods within those fiscal years. Management has adopted the amended
guidance and determined that there was no material impact to the Funds financial statements except
for additional disclosures made in the

notes. Disclosures about purchases, sales, issuances, and settlements in the rollforward of
activity in Level 3 fair value measurements are effective for fiscal years beginning after December
15, 2010 and for interim periods within those fiscal years. Management is currently evaluating the
impact of the additional disclosure requirements on the Funds financial statements.

Derivative Financial Instruments.

The Fund may engage in various portfolio investment strategies by investing in a number of
derivative financial instruments for the purpose of increasing the income of the Fund. Investing in
certain derivative financial instruments, including participation in the options, futures, or swap
markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or
currency market risks. Losses may arise if the Advisers prediction of movements in the direction
of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise
if the counterparty does not perform its duties under a contract, or that, in the event of default,
the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed
to it under derivative contracts. The creditworthiness of the counterparties is closely monitored
in order to minimize these risks. Participation in derivative transactions involves investment
risks, transaction costs, and potential losses to which the Fund would not be subject absent the
use of these strategies. The consequences of these risks, transaction costs, and losses may have a
negative impact on the Funds ability to pay distributions.

The Funds derivative contracts held at December 31, 2010, if any, are not accounted for as hedging
instruments under GAAP.

Swap Agreements. The Fund may enter into equity contract for difference swap transactions for the
purpose of increasing the income of the Fund. The use of swaps is a highly specialized activity
that involves investment techniques and risks different from those associated with ordinary
portfolio security transactions. In an equity contract for difference swap, a set of future cash
flows is exchanged between two counterparties. One of these cash flow streams will typically be
based on a reference interest rate combined with the performance of a notional value of shares of a
stock. The other will be based on the performance of the shares of a stock. Depending on the
general state of short-term interest rates and the returns on the Funds portfolio securities at
the time a swap transaction reaches its scheduled termination date, there is a risk that the Fund
will not be able to obtain a replacement transaction or that the terms of the replacement will not
be as favorable as on the expiring transaction.

Unrealized gains related to swaps are reported as an asset and unrealized losses are reported as a
liability in the Statement of Assets and Liabilities. The change in value of swaps, including the
accrual of periodic amounts of interest to be received or paid on swaps, is reported as unrealized
gain or loss in the Statement of Operations. A realized gain or loss is recorded upon receipt or
payment of a periodic payment or termination of swap agreements. During the year ended December 31,
2010, the Fund held no investments in equity contract for difference swap agreements.

Options. The Fund may purchase or write call or put options on securities or indices for the
purpose of increasing the income of the Fund. As a writer of put options, the Fund receives a
premium at the outset and then bears the risk of unfavorable changes in the price of the financial
instrument underlying the option. The Fund would incur a loss if the price of the underlying
financial instrument decreases between the date the option is written and the date on which the
option is terminated. The Fund would realize a gain, to the extent of the premium, if the price of
the financial instrument increases between those dates. If a written call option is exercised, the
premium is added to the proceeds from the sale of the underlying security in determining whether
there has been a realized gain or loss. If a written put option is exercised, the premium reduces
the cost basis of the security.

As a purchaser of put options, the Fund pays a premium for the right to sell to the seller of the
put option the underlying security at a specified price. The seller of the put has the obligation
to purchase the underlying security upon exercise at the exercise price. If the price of the
underlying security declines, the Fund would realize a gain upon sale or exercise. If the price of
the underlying security increases or stays the same, the Fund would realize a loss upon sale or at
the expiration date, but only to the extent of the premium paid.

In the case of call options, these exercise prices are referred to as in-the-money,
at-the-money, and out-of-the-money, respectively. The Fund may write (a) in-the-money call
options when the Adviser expects that the price of the underlying security will remain stable or
decline during the option period, (b) at-the-money call options when the Adviser expects that the
price of the underlying security will remain stable, decline, or advance moderately during the
option period, and (c) out-of-the-money call options when the Adviser expects that the premiums
received from writing the call option will be greater than the appreciation in the price of the
underlying security above the exercise price. By writing a call option, the Fund limits its
opportunity to profit from any increase in the market value of the underlying security above the
exercise price of the option. Out-of-the-money, at-the-money, and in-the-money put options (the
reverse of call options as to the relation of exercise price to market price) may be utilized in
the same market environments that such call options are used in equivalent transactions. Option
positions at December 31, 2010 are reflected within the Schedule of Investments.

The Funds volume of activity in equity options contracts during the year ended December 31,
2010 had an average monthly premium amount of approximately $30,684,654. Please refer to Note 4 for
option activity during the year ended December 31, 2010.

As of December 31, 2010, the value of equity option positions can be found in the Statement of
Assets and Liabilities under Liabilities, Call options written and Put options written. For the
year ended December 31, 2010, the effect of equity option positions can be found in the Statement
of Operations under Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short,
Written Options, and Foreign Currency, Net realized gain on written options and Net change in
unrealized depreciation on written options.

Repurchase Agreements. The Fund may enter into repurchase agreements with primary government
securities dealers recognized by the Federal Reserve Board, with member banks of the Federal
Reserve System, or with other brokers or dealers that meet credit guidelines established by the
Adviser and reviewed by the Board. Under the terms of a typical repurchase agreement, the Fund
takes possession of an underlying debt obligation subject to an obligation of the seller to
repurchase, and the Fund to resell, the obligation at an agreed-upon price and time, thereby
determining the yield during the Funds holding period. It is the policy of the Fund to receive and
maintain securities as collateral whose market value is not less than their repurchase price. The
Fund will make payment for such securities only upon physical delivery or upon evidence of book
entry transfer of the collateral to the account of the custodian. To the extent that any repurchase
transaction exceeds one business day, the value of the collateral is marked-to-market on a daily
basis to maintain the adequacy of the collateral. If the seller defaults and the value of the
collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the
security, realization of the collateral by the Fund may be delayed or limited. At December 31,
2010, the Fund held no investments in repurchase agreements.

Securities Sold Short. The Fund may enter into short sale transactions. Short selling involves
selling securities that may or may not be owned and, at times, borrowing the same securities for
delivery to the purchaser, with an obligation to replace such borrowed securities at a later date.
The proceeds received from short sales are recorded as liabilities and the Fund records an
unrealized gain or loss to the extent of the difference between the proceeds received and the value
of an open short position on the day of determination. The Fund records a realized gain or loss
when the short position is closed out. By entering into a short sale, the Fund bears the market
risk of an unfavorable change in the price of the security sold short. Dividends on short sales are
recorded as an expense by the Fund on the ex-dividend date and interest expense is recorded on the
accrual basis. The broker retains collateral for the value of the open positions, which is adjusted
periodically as the value of the position fluctuates. At December 31, 2010, there were no short
sales outstanding.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S.
dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S.
dollars at the current exchange rates. Purchases and sales of investment securities, income, and
expenses are translated at the exchange rate prevailing on the respective dates of such
transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or
changes in market prices of securities have been included in unrealized appreciation/depreciation
on investments and foreign currency translations. Net realized foreign currency gains and losses
resulting from changes in exchange rates include foreign currency gains and losses between trade
date and settlement date on investment securities transactions, foreign currency transactions, and
the difference between the amounts of interest and dividends recorded on the books of the Fund and
the amounts actually received. The portion of foreign currency gains and losses related to
fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade
date is included in realized gain/loss on investments.

Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in
securities of foreign issuers involves special risks not typically associated with investing in
securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to
repatriate funds, less complete financial information about companies, and possible future adverse
political and economic developments. Moreover, securities of many foreign issuers and their markets
may be less liquid and their prices more volatile than those of securities of comparable U.S.
issuers.

Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or
currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and
recoveries as applicable, based upon its current interpretation of tax rules and regulations that
exist in the markets in which it invests.

Securities Transactions and Investment Income. Securities transactions are accounted for on
the trade date with realized gain or loss on investments determined by using the identified cost
method. Interest income (including amortization of premium and accretion of discount) is recorded
on the accrual basis. Premiums and discounts on debt securities are amortized using the effective
yield to maturity method. Dividend income is recorded on the ex-dividend date, except for certain
dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund
becomes aware of such dividends.

Custodian Fee Credits and Interest Expense. When cash balances are maintained in the
custody account, the Fund receives credits which are used to offset custodian fees. The gross
expenses paid under the custody arrangement are included in custodian fees in the Statement of
Operations with the corresponding expense offset, if any, shown as Custodian fee credits. When
cash balances are overdrawn, the Fund is charged an overdraft fee equal to 110% of the 90 day
Treasury Bill rate on outstanding balances. This amount, if any, would be included in interest
expense in the Statement of Operations. There were no custodian fee credits earned during the year
ended December 31, 2010.

Distributions to Shareholders. Distributions to common shareholders are recorded on the
ex-dividend date. Distributions to shareholders are based on income and capital gains as determined
in accordance with federal income tax regulations, which may differ from income and capital gains
as determined under GAAP. These differences are primarily due to differing treatments of income and
gains on various investment securities and foreign currency transactions held by the Fund, timing
differences, and differing characterizations of distributions made by the Fund. Distributions from
net investment income for federal income tax purposes include net realized gains on foreign
currency transactions. These book/tax differences are either temporary or permanent in nature. To
the extent these differences are permanent, adjustments are made to the appropriate capital
accounts in the period when the differences arise. Permanent differences were primarily due to
disallowed expenses related to shelf offering expense, the tax treatment of currency gains and
losses, reclassifications of gains on investments in passive foreign investment companies,
recharacterization of distributions, and mark-to-market adjustments on the sale of a security no
longer deemed a passive foreign investment company. These reclassifications have no impact on the
NAV of the Fund. For the year ended December 31, 2010, reclassifications were made to decrease
accumulated distributions in excess of net investment income by $3,769,777 and to increase
accumulated net realized loss on investments, securities sold short, written options, and foreign
currency transactions by $3,553,441 with an offsetting adjustment to paid-in capital.

Distributions to shareholders of the Funds 6.625% Series A Cumulative Preferred Shares are
accrued on a daily basis.

The tax character of distributions paid during the years ended December 31, 2010 and December
31, 2009 was as follows:

Year Ended

Year Ended

December 31, 2010

December 31, 2009

Common

Preferred

Common

Preferred

Distributions paid from:

Ordinary income
(inclusive of short-term capital gains)

$

61,651,357

$

5,490,261

$

12,246,692

$

4,958,450

Net long-term capital gains

12,122,449

1,079,545

3,844,859

1,556,710

Return of capital





22,238,654



Total distributions paid

$

73,773,806

$

6,569,806

$

38,330,205

$

6,515,160

Provision for Income Taxes. The Fund intends to continue to qualify as a regulated
investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the
Code). It is the policy of the Fund to comply with the requirements of the Code applicable to
regulated investment companies and to distribute substantially all of its net investment company
taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

As of December 31, 2010, the components of accumulated earnings/losses on a tax basis were as
follows:

Other temporary differences are primarily due to adjustments on income from investments in hybrid
securities, and outstanding straddle losses.

At December 31, 2010, the temporary difference between book basis and tax basis net
unrealized appreciation/depreciation on investments was primarily due to deferral of losses from
wash sales for tax purposes, mark-to-market adjustments on investments in passive foreign
investment companies, and mark-to-market adjustments on the sale of a security no longer deemed a
passive foreign investment company.

The following summarizes the tax cost of investments, written options, and the related
net unrealized appreciation/depreciation at December 31, 2010:

Gross

Gross

Net Unrealized

Cost/

Unrealized

Unrealized

Appreciation/

Premiums

Appreciation

Depreciation

Depreciation

Investments

$

1,020,672,500

$

173,455,934

$

(37,835,999

)

$

135,619,935

Written options

(41,187,943

)

10,464,294

(27,162,180

)

(16,697,886

)

$

979,484,557

$

183,920,228

$

(64,998,179

)

$

118,922,049

The Fund is required to evaluate tax positions taken or expected to be taken in the
course of preparing the Funds tax returns to determine whether the tax positions are
more-likely-than-not of being sustained by the applicable tax authority. Income tax and related
interest and penalties would be recognized by the Fund as tax expense in the Statement of
Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the
year ended December 31, 2010, the Fund did not incur any income tax, interest, or penalties. As of
December 31, 2010, the Adviser has reviewed all open tax years and concluded that there was no
impact to the Funds net assets or results of operations. Tax years ended December 31, 2008 through
December 31, 2010, remain subject to examination by the Internal Revenue Service and state taxing
authorities. On an ongoing basis, the Adviser will monitor the Funds tax positions to determine if
adjustments to this conclusion are necessary.

3. Agreements and Transactions with Affiliates. The Fund has entered into an investment advisory
agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the
Adviser a fee, computed weekly and paid monthly, equal on an annual basis to 1.00% of the value of
the Funds average weekly net assets including the liquidation value of preferred shares. In
accordance with the Advisory Agreement, the Adviser provides a continuous investment program for
the Funds portfolio and oversees the administration of all aspects of the Funds business and
affairs.

The cost of calculating the Funds NAV per share is a Fund expense pursuant to the Advisory
Agreement between the Fund and the Adviser. During the year ended December 31, 2010, the Fund paid
or accrued $45,000 to the Adviser in connection with the cost of computing the Funds NAV.

As per the approval of the Board, the Fund compensates officers of the Fund, who are employed
by the Fund and are not employed by the Adviser (although the officers may receive incentive based
variable compensation from affiliates of the Adviser) and pays its allocated portion of the cost of
the Funds Chief Compliance Officer. For the year ended December 31, 2010, the Fund paid or accrued
$142,481 in payroll expenses in the Statement of Operations.

The Fund pays each Trustee who is not considered an affiliated person an annual retainer of
$6,000 plus $1,000 for each Board meeting attended. Each Trustee is reimbursed by the Fund for any
out of pocket expenses incurred in attending meetings. All Board committee members receive $500 per
meeting attended, the Audit Committee Chairman receives an annual fee of $3,000, the Nominating
Committee Chairman receives an annual fee of $2,000, and the Lead Trustee receives an annual fee of
$1,000. A Trustee may receive a single meeting fee, allocated among the participating funds, for
participation in certain meetings held on behalf of multiple funds. Trustees who are directors or
employees of the Adviser or an affiliated company receive no compensation or expense reimbursement
from the Fund.

4. Portfolio Securities. Purchases and sales of securities for the year ended December 31, 2010,
other than short-term securities and U.S. Government obligations, aggregated $650,026,130 and
$380,546,948, respectively.

Sales of U.S. Government obligations for the year ended December 31, 2010, other than
short-term obligations, aggregated $7,999,229.

Written options activity for the Fund for the year ended December 31, 2010 was as follows:

5. Capital. The Fund is authorized to issue an unlimited number of common shares of beneficial
interest (par value $0.001). The Board has authorized the repurchase of its shares in the open
market when the shares are trading at a discount of 7.5% or more (or such other percentage as the
Board may determine from time to time) from the NAV of the shares. During the year ended December
31, 2010, the Fund did not repurchase any shares of beneficial interest.

The Fund filed a second $350,000,000 shelf offering with the SEC that was effective February
10, 2010, enabling the Fund to offer additional common and preferred shares. The first $350,000,000
shelf offering became effective September 24, 2007. This shelf offering also gave the Fund the
ability to offer additional common and preferred shares.

On October 16, 2007, the Fund completed the placement of $100 million of Cumulative Preferred
Shares (Preferred Shares). The Fund received net proceeds of $96,450,000 (after underwriting
discounts of $3,150,000 and offering expenses of $400,000) from the public offering of 4,000,000
shares of 6.625% Series A Cumulative Preferred Shares. The Preferred Shares are senior to the
common shares and result in the financial leveraging of the common shares. Such leveraging tends to
magnify both the risks and opportunities to common shareholders. Dividends on the 6.625% Series A
Preferred Shares are cumulative. The Fund is required by the 1940 Act and by the Statement of
Preferences to meet certain asset coverage tests with respect to the Preferred Shares. If the Fund
fails to meet these requirements and does not correct such failure, the Fund may be required to
redeem, in part or in full, the Preferred Shares at the redemption price of $25 per share plus an
amount equal to the accumulated and unpaid dividends whether or not declared on such shares in
order to meet the requirements. Additionally, failure to meet the foregoing asset coverage
requirements could restrict the Funds ability to pay dividends to common shareholders and could
lead to sales of portfolio securities at inopportune times. The income received on the Funds
assets may vary in a manner unrelated to the fixed rate, which could have either a beneficial or
detrimental impact on net investment income and gains available to common shareholders.

Commencing October 16, 2012, and at any time thereafter, the Fund, at its option, may redeem
the Preferred Shares in whole or in part at the redemption price. The Board has authorized the
repurchase of the Preferred Shares in the open market at prices less than the $25 liquidation value
per share. During the year ended December 31, 2010, the Fund did not repurchase any shares of
6.625% Series A Cumulative Preferred Shares. At December 31, 2010, 3,955,687 Preferred Shares were
outstanding and accrued dividends amounted to $90,995.

During the year ended December 31, 2009, the Fund repurchased and retired 1,788 of the
Preferred Shares in the open market at a cost of $41,966 and an average discount of approximately
6.16% from its liquidation preference.

During the year ended December 31, 2010, the Fund issued 22,553,236 shares of beneficial
interest through various at the market offerings. The net proceeds received from these various
offerings were $375,431,472 (net of sales manager commissions of $3,792,237). Offering expenses
related to the offering totaled $216,336. The net proceeds received from the various offerings
exceeded the NAV of the shares by $15,753,426.

During the year ended December 31, 2009, the Fund issued 13,989,100 shares of beneficial
interest through various at the market offerings. The net proceeds received from these various
offerings were $207,429,594 (net of sales manager commissions of $3,797,829 and offering expenses
of $421,000). The net proceeds received from the various offerings exceeded the NAV of the shares
by $6,249,864.

Gabelli & Company, Inc., an affiliate of the Adviser, acted as sales manager for all of the
offerings and collected sales manager commissions of $3,792,043 in 2010 and $3,797,829 in 2009.

As of December 31, 2010, after considering the issuance of the preferred and common shares,
the Fund has approximately $9,127,868 available for issuance under the shelf offering.

Transactions in shares of beneficial interest were as follows:

Year Ended

Year Ended

December 31, 2010

December 31, 2009

Shares

Amount

Shares

Amount

Shares issued
pursuant to shelf
offerings

22,553,236

$

375,431,472

13,989,100

$

207,850,594

Net increase
from shares
issued upon
reinvestment of
distributions

597,353

9,706,848

469,004

6,768,233

Total

23,150,589

$

385,138,320

14,458,104

$

214,618,827

6. Indemnifications. The Fund enters into contracts that contain a variety of
indemnifications. The Funds maximum exposure under these arrangements is unknown. However, the
Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the
Funds existing contracts and expects the risk of loss to be remote.

7. Other Matters. On April 24, 2008, the Adviser entered into a settlement with the SEC to
resolve an inquiry regarding prior frequent trading activity in shares of the GAMCO Global Growth
Fund (the Global Growth Fund) by one investor who was banned from the Global Growth Fund in
August 2002. In the administrative settlement order, the SEC found that the Adviser had willfully
violated Section 206(2) of the 1940 Act, Section 17(d) of the 1940 Act and Rule 17d-1 thereunder,
and had willfully aided and abetted and caused violations of Section 12(d)(1)(B)(i) of the 1940
Act. Under the terms of the settlement, the Adviser, while neither admitting nor denying the SECs
findings and allegations, paid $16 million (which included a $5 million civil monetary penalty),
approximately $12.8 million of which is in the process of being paid to shareholders of the Global
Growth Fund in accordance with a plan developed by an independent distribution consultant and
approved by the independent directors of the Global Growth Fund and acceptable to the staff of the
SEC, and agreed to cease and desist from future violations of the above referenced federal
securities laws and rule. The SEC order also noted the cooperation that the Adviser had given the
staff of the SEC during its inquiry. The settlement did not have a material adverse impact on the
Adviser or its ability to fulfill its obligations under the Advisory Agreement. On the same day,
the SEC filed a civil action against the Executive Vice President and Chief Operating Officer of
the Adviser, alleging violations of certain federal securities laws arising from the same matter.
The officer is also an officer of the Fund, the Global Growth Fund, and other funds in the
Gabelli/GAMCO fund complex. The officer denied the allegations and is continuing in his positions
with the Adviser and the funds. The court dismissed certain claims and found that the SEC was not
entitled to pursue various remedies against the officer while leaving one remedy in the event the
SEC were able to prove violations of law. The court subsequently dismissed without prejudice the
remaining remedy against the officer, which would allow the SEC to appeal the courts rulings. On
October 29, 2010 the SEC filed its appeal with the U.S. Court of Appeals for the Second Circuit
regarding the lower courts orders. The Adviser currently expects that any resolution of the action
against the officer will not have a material adverse impact on the Fund or the Adviser or its
ability to fulfill its obligations under the Advisory Agreement.

8. Subsequent Events. The Fund filed a $750,000,000 shelf offering with the SEC that was effective
February 4, 2011, enabling the Fund to offer additional common and preferred shares.

Management has evaluated the impact on the Fund of events occurring subsequent to December 31,
2010, through the date the financial statements were issued, and has determined that there were no
additional subsequent events requiring recognition or disclosure in the financial statements.

To the Board of Trustees and Shareholders of
The Gabelli Global Gold, Natural Resources & Income Trust:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of
investments, and the related statements of operations and of changes in net assets and the
financial highlights present fairly, in all material respects, the financial position of The
Gabelli Global Gold, Natural Resources & Income Trust (hereafter referred to as the Trust) at
December 31, 2010, the results of its operations for the year then ended, the changes in its net
assets for each of the two years in the period then ended and the financial highlights for each of
the five years in the period then ended, in conformity with accounting principles generally
accepted in the United States of America. These financial statements and financial highlights
(hereafter referred to as financial statements) are the responsibility of the Trusts management.
Our responsibility is to express an opinion on these financial statements based on our audits. We
conducted our audits of these financial statements in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial statement
presentation. We believe that our audits, which included confirmation of securities at December 31,
2010 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

The business and affairs of the Fund are managed under the direction of the Funds Board
of Trustees. Information pertaining to the Trustees and officers of the Fund is set forth below.
The Funds Statement of Additional Information includes additional information about the Funds
Trustees and is available without charge, upon request, by calling 800-GABELLI (800-422-3554) or by
writing to The Gabelli Global Gold Natural Resources & Income Trust at One Corporate Center, Rye,
NY 10580-1422.

Number of

Term of

Funds in Fund

Name, Position(s)

Office and

Complex

Address1

Length of

Overseen by

Principal Occupation(s)

Other Directorships

and Age

Time Served2

Trustee

During Past Five Years

Held by Trustee4

INTERESTED TRUSTEE:

Salvatore M. Salibello3
Trustee
Age: 65

Since 2005**

3

Certified Public Accountant and Managing
Partner of the public accounting firm Salibello
& Broder LLP since 1978

Director of Kid Brands, Inc.
(group of companies in infant
and juvenile products) and until
September 2007, Director of
Brooklyn Federal Bank Corp., Inc.
(independent community bank)

Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988 and an
officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex.
Director of Teton Advisors, Inc. since 1998; Chairman of Teton Advisors, Inc. 2008 to 2010;
President of Teton Advisors, Inc. 1998 through 2008; Senior Vice President of GAMCO Investors,
Inc. since 2008

Carter W. Austin
Vice President
Age: 44

Since 2005

Vice President of other closed-end funds within the Gabelli Funds complex; Vice President of Gabelli
Funds, LLC since 1996

Molly A.F. Marion
Vice President
Age: 56

Since 2005

Vice President of The Gabelli Equity Trust since 2009, Assistant Vice President of GAMCO Investors,
Inc. since 2006

Laurissa M. Martire
Vice President and Ombudsman
Age: 34

Since 2010

Vice President of other closed-end funds within the Gabelli Fund complex

Agnes Mullady
Treasurer and Secretary
Age: 52

Since 2006

Senior Vice President of GAMCO Investors, Inc since 2009; Vice President of Gabelli Funds, LLC since
2007; Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex

Peter D. Goldstein
Chief Compliance Officer
Age: 57

Since 2005

Director of Regulatory Affairs at GAMCO Investors, Inc. since 2004; Chief Compliance
Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex

The Funds Board of Trustees is divided into three classes, each class having a term
of three years. Each year the term of office of one class expires and the successor or
successors elected to such class serve for a three year term. The three year term for each
class expires as follows:

*

 Term expires at the Funds 2011 Annual Meeting of Shareholders or until their successors
are duly elected and qualified.

**

 Term expires at the Funds 2012 Annual Meeting of Shareholders or until their successors
are duly elected and qualified.

***

 Term expires at the Funds 2013 Annual Meeting of Shareholders or until their successors
are duly elected and qualified.

Each officer will hold office for an indefinite term until the date he or she resigns or retires
or until his or her successor is elected and qualified.

3

Interested person of the Fund as defined in the 1940 Act. Mr. Salibello may be
considered an interested person of the Fund as a result of being a partner in an accounting
firm that provides professional services to affiliates of the Adviser.

4

This column includes only directorships of companies required to report to the SEC
under the Securities Exchange Act of 1934, as amended, i.e., public companies, or other
investment companies registered under the 1940 Act.

5

Trustees who are not interested persons are considered Independent Trustees.

Certifications

The Funds Chief Executive Officer has certified to the New York Stock Exchange (NYSE) that,
as of June 14, 2010, he was not aware of any violation by the Fund of applicable NYSE corporate
governance listing standards. The Fund reports to the Securities and Exchange Commission on Form
N-CSR which contains certifications by the Funds principal executive officer and principal
financial officer that relate to the Funds disclosure in such reports and that are required by
Rule 30a-2(a) under the 1940 Act.

The Annual Meeting of The Gabelli Global Gold, Natural Resources & Income Trusts
shareholders will be held on Monday, May 16, 2011 at the Greenwich Library in Greenwich,
Connecticut.

A Form 1099-DIV has been mailed to all shareholders of record which sets forth specific
amounts to be included in your 2010 tax returns. Ordinary income distributions include net
investment income and realized net short-term capital gains. Ordinary income is reported in box 1a
of Form 1099-DIV. Capital gain distributions are reported in box 2a of Form 1099-DIV.

The long-term gain distributions for the fiscal year ended December 31, 2010 were $13,201,994,
or the maximum amount.

Corporate Dividends Received Deduction, Qualified Dividend Income, and U.S. Government SecuritiesIncome

In 2010, the Fund paid to common and 6.625% Series A Cumulative Preferred shareholders
ordinary income dividends of $1.45580 and $1.38403 per share, respectively. For 2010, 0.61% of the
ordinary dividend qualified for the dividend received deduction available to corporations, 2.08% of
the ordinary income distribution was deemed qualified dividend income, and 18.65% of ordinary
income distribution was qualified interest income. The percentage of ordinary income dividends paid
by the Fund during 2010 derived from U.S. Government securities was 0.04%. Such income is exempt
from state and local taxes in all states. However, many states, including New York and California,
allow a tax exemption for a portion of the income earned only if a mutual fund has invested at
least 50% of its assets at the end of each quarter of its fiscal year in U.S. Government
securities. The Fund did not meet this strict requirement in 2010. The percentage of U.S.
Government securities held as of December 31, 2010 was 10.05%.

Historical Distribution Summary

Short-Term

Long-Term

Adjustment

Investment

Capital

Capital

Return of

Total

to Cost

Income (c)

Gains (c)

Gains

Capital (b)

Distributions (a)

Basis

Common Stock

2010

$

0.34100

$

1.11480

$

0.22420



$

1.68000



2009

0.25914

0.28117

0.12228

$

1.01741

1.68000

$

1.01741

2008

0.11760



0.39240

1.17000

1.68000

1.17000

2007

0.14980

0.98430

0.79590



1.93000



2006



1.45430

0.28570



1.74000



2005

0.08460

1.07540





1.16000



6.625% Series A Cumulative Preferred Shares

2010

$

0.32400

$

1.06004

$

0.27222



$

1.65625



2009

0.60224

0.65354

0.40047



1.65625



2008

0.38281



1.27344



1.65625



2007

0.01987

0.09151

0.21527



0.32665



(a)

Total amounts
may differ due to rounding.

(b)

Non-taxable.

(c)

Taxable as ordinary income for Federal tax purposes.

All designations are based on financial information available as of the date of this
annual report and, accordingly, are subject to change. For each item, it is the intention of the
Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations
thereunder.

21

AUTOMATIC DIVIDEND REINVESTMENT
AND VOLUNTARY CASH PURCHASE PLANS

Enrollment in the Plan

It is the policy of The Gabelli Global Gold, Natural Resources & Income Trust (the Fund) to
automatically reinvest dividends payable to common shareholders. As a registered shareholder you
automatically become a participant in the Funds Automatic Dividend Reinvestment Plan (the Plan).
The Plan authorizes the Fund to credit common shares to participants upon an income dividend or a
capital gains distribution regardless of whether the shares are trading at a discount or a premium
to net asset value. All distributions to shareholders whose shares are registered in their own
names will be automatically reinvested pursuant to the Plan in additional shares of the Fund. Plan
participants may send their share certificates to American Stock Transfer (AST) to be held in
their dividend reinvestment account. Registered shareholders wishing to receive their distributions
in cash must submit this request in writing to:

Shareholders requesting this
cash election must include the shareholders name and address as they appear on the share
certificate. Shareholders with additional questions regarding the Plan or requesting a copy of the
terms of the Plan, may contact AST at (888) 422-3262.

If your shares are held in the name of a broker, bank, or nominee, you should contact such
institution. If such institution is not participating in the Plan, your account will be credited
with a cash dividend. In order to participate in the Plan through such institution, it may be
necessary for you to have your shares taken out of street name and re-registered in your own
name. Once registered in your own name your distributions will be automatically reinvested. Certain
brokers participate in the Plan. Shareholders holding shares in street name at participating
institutions will have dividends automatically reinvested. Shareholders wishing a cash dividend at
such institution must contact their broker to make this change.

The number of common shares distributed to participants in the Plan in lieu of cash dividends
is determined in the following manner. Under the Plan, whenever the market price of the Funds
common shares is equal to or exceeds net asset value at the time shares are valued for purposes of
determining the number of shares equivalent to the cash dividends or capital gains distribution,
participants are issued common shares valued at the greater of (i) the net asset value as most
recently determined or (ii) 95% of the then current market price of the Funds common shares. The
valuation date is the dividend or distribution payment date or, if that date is not a NYSE Amex
trading day, the next trading day. If the net asset value of the common shares at the time of
valuation exceeds the market price of the common shares, participants will receive common shares
from the Fund valued at market price. If the Fund should declare a dividend or capital gains
distribution payable only in cash, AST will buy common shares in the open market, or on the NYSE
Amex, or elsewhere, for the participants accounts, except that AST will endeavor to terminate
purchases in the open market and cause the Fund to issue shares at net asset value if, following
the commencement of such purchases, the market value of the common shares exceeds the then current
net asset value.

The automatic reinvestment of dividends and capital gains distributions will not relieve
participants of any income tax which may be payable on such distributions. A participant in the
Plan will be treated for federal income tax purposes as having received, on a dividend payment
date, a dividend or distribution in an amount equal to the cash the participant could have received
instead of shares.

Voluntary Cash Purchase Plan

The Voluntary Cash Purchase Plan is yet another vehicle for our shareholders to increase their
investment in the Fund. In order to participate in the Voluntary Cash Purchase Plan, shareholders
must have their shares registered in their own name.

Participants in the Voluntary Cash Purchase Plan have the option of making additional cash
payments to AST for investments in the Funds common shares at the then current market price.
Shareholders may send an amount from $250 to $10,000. AST will use these funds to purchase shares
in the open market on or about the 1st and 15th of each month. AST will charge each shareholder who
participates a pro rata share of the brokerage commissions. Brokerage charges for such purchases
are expected to be less than the usual brokerage charge for such transactions. It is suggested that
any voluntary cash payments be sent to American Stock Transfer, 6201 15th Avenue, Brooklyn, NY
11219 such that AST receives such payments approximately 10 days before the investment date. Funds
not received at least five days before the investment date shall be held for investment until the
next purchase date. A payment may be withdrawn without charge if notice is received by AST at least
48 hours before such payment is to be invested.

Shareholders wishing to liquidate shares held at AST must do so in writing or by telephone.
Please submit your request to the above mentioned address or telephone number. Include in your
request your name, address,
and account number. The cost to liquidate shares is $1.00 per transaction as well as the
brokerage commission incurred. Brokerage charges are expected to be less than the usual brokerage
charge for such transactions.

For more information regarding the Automatic Dividend Reinvestment Plan and Voluntary Cash
Purchase Plan, brochures are available by calling (914) 921-5070 or by writing directly to the
Fund.

The Fund reserves the right to amend or terminate the Plan as applied to any voluntary cash
payments made and any dividend or distribution paid subsequent to written notice of the change sent
to the members of the Plan at least 90 days before the record date for such dividend or
distribution. The Plan also may be amended or terminated by AST on at least 90 days written notice
to participants in the Plan.

The Net Asset Value per share appears in the Publicly Traded Funds column, under the heading
Specialized Equity Funds, in Mondays The Wall Street Journal. It is also listed in Barrons
Mutual Funds/Closed End Funds section under the heading Specialized Equity Funds.

The Net Asset Value per share may be obtained each day by calling (914) 921-5070 or visiting ww.gabelli.com.

The NASDAQ symbol for the Net Asset Value is XGGNX.

For general information about the Gabelli Funds, call 800-GABELLI (800-422-3554), fax us at
914-921-5118, visit Gabelli Funds Internet homepage at: www.gabelli.com, or e-mail us at:
closedend@gabelli.com

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as
amended, that the Fund may, from time to time, purchase its common shares in the open market when
the Funds shares are trading at a discount of 7.5% or more from the net asset value of the
shares. The Fund may also, from time
to time, purchase its preferred shares in the open market when the preferred shares are trading at
a discount to the liquidation value.

Item 2. Code of Ethics.

(a)

The registrant, as of the end of the period covered by this report, has adopted a code
of ethics that applies to the registrants principal executive officer, principal financial
officer, principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the registrant or a
third party.

(c)

There have been no amendments, during the period covered by this report, to a provision
of the code of ethics that applies to the registrants principal executive officer,
principal financial officer, principal accounting officer or controller, or persons
performing similar functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of ethics
description.

(d)

The registrant has not granted any waivers, including an implicit waiver, from a
provision of the code of ethics that applies to the registrants principal executive
officer, principal financial officer, principal accounting officer or controller, or
persons performing similar functions, regardless of whether these individuals are employed
by the registrant or a third party, that relates to one or more of the items set forth in
paragraph (b) of this items instructions.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by the report, the registrants Board of Trustees has
determined that Salvatore J. Zizza is qualified to serve as an audit committee financial expert
serving on its audit committee and that he is independent, as defined by Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a)

The aggregate fees billed for each of the last two fiscal years for professional
services rendered by the principal accountant for the audit of the registrants annual
financial statements or services that are normally provided by the accountant in connection
with statutory and regulatory filings or engagements for those fiscal years are $58,300 for
2009 and $47,803 for 2010.

Audit-Related Fees

(b)

The aggregate fees billed in each of the last two fiscal years for assurance and
related services by the principal accountant that are reasonably related to the performance
of the audit of the registrants financial statements and are not reported under paragraph
(a) of this Item are $7,467

for 2009 and $22,769 for 2010. Audit-related fees represent services provided in the
preparation of Preferred Shares Reports.

Tax Fees

(c)

The aggregate fees billed in each of the last two fiscal years for professional
services rendered by the principal accountant for tax compliance, tax advice, and tax
planning are $6,000 for 2009 and $4,750 for 2010. Tax fees represent tax compliance
services provided in connection with the review of the Registrants tax returns.

All Other Fees

(d)

The aggregate fees billed in each of the last two fiscal years for products and
services provided by the principal accountant, other than the services reported in
paragraphs (a) through (c) of this Item are $0 for 2009 and $0 for 2010.

(e)(1)

Disclose the audit committees pre-approval policies and procedures described in paragraph
(c)(7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies and Procedures. The Audit Committee (Committee) of the registrant
is responsible for pre-approving (i) all audit and permissible non-audit services to be
provided by the independent registered public accounting firm to the registrant and (ii) all
permissible non-audit services to be provided by the independent registered public
accounting firm to the Adviser, Gabelli Funds, LLC, and any affiliate of Gabelli Funds, LLC
(Gabelli) that provides services to the registrant (a Covered Services Provider) if the
independent registered public accounting firms engagement related directly to the
operations and financial reporting of the registrant. The Committee may delegate its
responsibility to pre-approve any such audit and permissible non-audit services to the
Chairperson of the Committee, and the Chairperson must report to the Committee, at its next
regularly scheduled meeting after the Chairpersons pre-approval of such services, his or
her decision(s). The Committee may also establish detailed pre-approval policies and
procedures for pre-approval of such services in accordance with applicable laws, including
the delegation of some or all of the Committees pre-approval responsibilities to the other
persons (other than Gabelli or the registrants officers). Pre-approval by the Committee of
any permissible non-audit services is not required so long as: (i) the permissible non-audit
services were not recognized by the registrant at the time of the engagement to be non-audit
services; and (ii) such services are promptly brought to the attention of the Committee and
approved by the Committee or Chairperson prior to the completion of the audit.

(e)(2)

The percentage of services described in each of paragraphs (b) through (d) of this Item
that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of
Regulation S-X are as follows:

(b) 100%

(c) 100%

(d) N/A

(f)

The percentage of hours expended on the principal accountants engagement to audit the
registrants financial statements for the most recent fiscal year that were attributed to
work

performed by persons other than the principal accountants full-time, permanent employees
was 0%.

(g)

The aggregate non-audit fees billed by the registrants accountant for services
rendered to the registrant, and rendered to the registrants investment adviser (not
including any sub-adviser whose role is primarily portfolio management and is subcontracted
with or overseen by another investment adviser), and any entity controlling, controlled by,
or under common control with the adviser that provides ongoing services to the registrant
for each of the last two fiscal years of the registrant was $0 for 2009 and $0 for 2010.

(h)

The registrants audit committee of the board of directors has considered whether the
provision of non-audit services that were rendered to the registrants investment adviser
(not including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any entity controlling,
controlled by, or under common control with the investment adviser that provides ongoing
services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountants
independence.

Rules 204(4)-2 and 204-2 under the Investment Advisers Act of 1940 and Rule 30b1-4 under the
Investment Company Act of 1940 require investment advisers to adopt written policies and procedures
governing the voting of proxies on behalf of their clients.

These procedures will be used by GAMCO Asset Management Inc., Gabelli Funds, LLC, Gabelli
Securities, Inc., and Teton Advisors, Inc. (collectively, the Advisers) to determine how to vote
proxies relating to portfolio securities held by their clients, including the procedures that the
Advisers use when a vote presents a conflict between the interests of the shareholders of an
investment company managed by one of the Advisers, on the one hand, and those of the Advisers; the
principal underwriter; or any affiliated person of the investment company, the Advisers, or the
principal underwriter. These procedures will not apply where the Advisers do not have voting
discretion or where the Advisers have agreed to with a client to vote the clients proxies in
accordance with specific guidelines or procedures supplied by the client (to the extent permitted
by ERISA).

I.

Proxy Voting Committee

The Proxy Voting Committee was originally formed in April 1989 for the purpose of formulating
guidelines and reviewing proxy statements within the parameters set by the substantive proxy voting
guidelines originally published in 1988 and updated periodically, a copy of which are appended as
Exhibit A. The Committee will include representatives of Research, Administration, Legal, and the
Advisers. Additional or replacement members of the Committee will be nominated by the Chairman and
voted upon by the entire Committee.

Meetings are held as needed basis to form views on the manner in which the Advisers should
vote proxies on behalf of their clients.

In general, the Director of Proxy Voting Services, using the Proxy Guidelines, recommendations
of Institutional Shareholder Corporate Governance Service (ISS), other third-party services and
the analysts of Gabelli & Company, Inc., will determine how to vote on each issue. For
non-controversial matters, the Director of Proxy Voting Services may vote the proxy if the vote is
(1) consistent with the recommendations of the issuers Board of Directors and not contrary to the
Proxy Guidelines; (2) consistent with the recommendations of the issuers Board of Directors and is
a non-controversial issue not covered by the Proxy Guidelines; or (3) the vote is contrary to the
recommendations of the Board of Directors but is consistent with the Proxy Guidelines. In those
instances, the Director of Proxy Voting Services or the Chairman of the Committee may sign and date
the proxy statement indicating how each issue will be voted.

All matters identified by the Chairman of the Committee, the Director of Proxy Voting Services
or the Legal Department as controversial, taking into account the

1

recommendations of ISS or other third party services and the analysts of Gabelli & Company,
Inc., will be presented to the Proxy Voting Committee. If the Chairman of the Committee, the
Director of Proxy Voting Services or the Legal Department has identified the matter as one that (1)
is controversial; (2) would benefit from deliberation by the Proxy Voting Committee; or (3) may
give rise to a conflict of interest between the Advisers and their clients, the Chairman of the
Committee will initially determine what vote to recommend that the Advisers should cast and the
matter will go before the Committee.

A.

Conflicts of Interest.

The Advisers have implemented these proxy voting procedures in order to prevent
conflicts of interest from influencing their proxy voting decisions. By following
the Proxy Guidelines, as well as the recommendations of ISS, other third-party
services and the analysts of Gabelli & Company, the Advisers are able to avoid,
wherever possible, the influence of potential conflicts of interest. Nevertheless,
circumstances may arise in which one or more of the Advisers are faced with a
conflict of interest or the appearance of a conflict of interest in connection with
its vote. In general, a conflict of interest may arise when an Adviser knowingly
does business with an issuer, and may appear to have a material conflict between
its own interests and the interests of the shareholders of an investment company
managed by one of the Advisers regarding how the proxy is to be voted. A conflict
also may exist when an Adviser has actual knowledge of a material business
arrangement between an issuer and an affiliate of the Adviser.

In practical terms, a conflict of interest may arise, for example, when a proxy is
voted for a company that is a client of one of the Advisers, such as GAMCO Asset
Management Inc. A conflict also may arise when a client of one of the Advisers has
made a shareholder proposal in a proxy to be voted upon by one or more of the
Advisers. The Director of Proxy Voting Services, together with the Legal
Department, will scrutinize all proxies for these or other situations that may give
rise to a conflict of interest with respect to the voting of proxies.

B.

Operation of Proxy Voting Committee

For matters submitted to the Committee, each member of the Committee will receive,
prior to the meeting, a copy of the proxy statement, any relevant third party
research, a summary of any views provided by the Chief Investment Officer and any
recommendations by Gabelli & Company, Inc. analysts. The Chief Investment Officer
or the Gabelli & Company, Inc. analysts may be invited to present their viewpoints.
If the Director of Proxy Voting Services or the Legal Department believe that the
matter before the committee is one with respect to which a conflict of interest may
exist between the Advisers and their clients, counsel will

2

provide an opinion to the Committee concerning the conflict. If the matter is one
in which the interests of the clients of one or more of Advisers may diverge,
counsel will so advise and the Committee may make different recommendations as to
different clients. For any matters where the recommendation may trigger appraisal
rights, counsel will provide an opinion concerning the likely risks and merits of
such an appraisal action.

Each matter submitted to the Committee will be determined by the vote of a majority of the
members present at the meeting. Should the vote concerning one or more recommendations be tied in
a vote of the Committee, the Chairman of the Committee will cast the deciding vote. The Committee
will notify the proxy department of its decisions and the proxies will be voted accordingly.

Although the Proxy Guidelines express the normal preferences for the voting of any shares not
covered by a contrary investment guideline provided by the client, the Committee is not bound by
the preferences set forth in the Proxy Guidelines and will review each matter on its own merits.
Written minutes of all Proxy Voting Committee meetings will be maintained. The Advisers subscribe
to ISS, which supplies current information on companies, matters being voted on, regulations,
trends in proxy voting and information on corporate governance issues.

If the vote cast either by the analyst or as a result of the deliberations of the Proxy Voting
Committee runs contrary to the recommendation of the Board of Directors of the issuer, the matter
will be referred to legal counsel to determine whether an amendment to the most recently filed
Schedule 13D is appropriate.

II.

Social Issues and Other Client Guidelines

If a client has provided special instructions relating to the voting of proxies, they should
be noted in the clients account file and forwarded to the proxy department. This is the
responsibility of the investment professional or sales assistant for the client. In accordance
with Department of Labor guidelines, the Advisers policy is to vote on behalf of ERISA accounts in
the best interest of the plan participants with regard to social issues that carry an economic
impact. Where an account is not governed by ERISA, the Advisers will vote shares held on behalf of
the client in a manner consistent with any individual investment/voting guidelines provided by the
client. Otherwise the Advisers will abstain with respect to those shares.

III.

Client Retention of Voting Rights

If a client chooses to retain the right to vote proxies or if there is any change in voting
authority, the following should be notified by the investment professional or sales assistant for
the client.

-

Operations

-

Legal Department

3

-

Proxy Department

-

Investment professional assigned to the account

In the event that the Board of Directors (or a Committee thereof) of one or more of the
investment companies managed by one of the Advisers has retained direct voting control over any
security, the Proxy Voting Department will provide each Board Member (or Committee member) with a
copy of the proxy statement together with any other relevant information including recommendations
of ISS or other third-party services.

IV.

Voting Records

The Proxy Voting Department will retain a record of matters voted upon by the Advisers for
their clients. The Advisers will supply information on how an account voted its proxies upon
request.

A letter is sent to the custodians for all clients for which the Advisers have voting
responsibility instructing them to forward all proxy materials to:

Shareholder Vote Authorization Forms (VAFs)  Issued by Broadridge Financial Solutions,
Inc. (Broadridge) VAFs must be voted through the issuing institution causing a time lag.
Broadridge is an outside service contracted by the various institutions to issue proxy
materials.



Proxy cards which may be voted directly.

2. Upon receipt of the proxy, the number of shares each form represents is logged into the proxy
system according to security.

3. In the case of a discrepancy such as an incorrect number of shares, an improperly signed
or dated card, wrong class of security, etc., the issuing custodian is notified by phone. A
corrected proxy is requested. Any arrangements are made to insure that a

4

proper proxy is received in time to be voted (overnight delivery, fax, etc.). When securities are
out on loan on record date, the custodian is requested to supply written verification.

4. Upon receipt of instructions from the proxy committee (see Administrative), the votes are cast
and recorded for each account on an individual basis.

Records have been maintained on the Proxy Edge system. The system is backed up regularly.

Proxy Edge records include:

Security Name and Cusip Number
Date and Type of Meeting (Annual, Special, Contest)
Client Name
Adviser or Fund Account Number
Directors Recommendation
How GAMCO voted for the client on each issue

5. VAFs are kept alphabetically by security. Records for the current proxy season are located in
the Proxy Voting Department office. In preparation for the upcoming season, files are transferred
to an offsite storage facility during January/February.

6. Shareholder Vote Authorization Forms issued by Broadridge are always sent directly to a
specific individual at Broadridge.

7. If a proxy card or VAF is received too late to be voted in the conventional matter, every
attempt is made to vote on one of the following manners:



VAFs can be faxed to Broadridge up until the time of the meeting. This is followed up by
mailing the original form.



When a solicitor has been retained, the solicitor is called. At the solicitors direction,
the proxy is faxed.

8.

In the case of a proxy contest, records are maintained for each opposing entity.

9.

Voting in Person

a) At times it may be necessary to vote the shares in person. In this case, a legal proxy is
obtained in the following manner:



Banks and brokerage firms using the services at Broadridge:

The back of the VAF is stamped indicating that we wish to vote in person. The forms are then
sent overnight to Broadridge. Broadridge issues individual legal proxies and

5

sends them back via overnight (or the Adviser can pay messenger charges). A lead-time of at least
two weeks prior to the meeting is needed to do this. Alternatively, the procedures detailed below
for banks not using Broadridge may be implemented.



Banks and brokerage firms issuing proxies directly:

The bank is called and/or faxed and a legal proxy is requested.

All legal proxies should appoint:

Representative of [Adviser name] with full power of substitution.

b) The legal proxies are given to the person attending the meeting along with the following
supplemental material:



A limited Power of Attorney appointing the attendee an Adviser representative.



A list of all shares being voted by custodian only. Client names and account numbers are
not included. This list must be presented, along with the proxies, to the Inspectors of
Elections and/or tabulator at least one-half hour prior to the scheduled start of the meeting.
The tabulator must qualify the votes (i.e. determine if the vote have previously been cast,
if the votes have been rescinded, etc. vote have previously been cast, etc.).



A sample ERISA and Individual contract.



A sample of the annual authorization to vote proxies form.



A copy of our most recent Schedule 13D filing (if applicable).

6

Appendix A
Proxy Guidelines

PROXY VOTING GUIDELINES

GENERAL POLICY STATEMENT

It is the policy of GAMCO Investors, Inc. to vote in the best economic interests of our
clients. As we state in our Magna Carta of Shareholders Rights, established in May 1988, we are
neither for nor against management. We are for shareholders.

At our first proxy committee meeting in 1989, it was decided that each proxy statement should be
evaluated on its own merits within the framework first established by our Magna Carta of
Shareholders Rights. The attached guidelines serve to enhance that broad framework.

We do not consider any issue routine. We take into consideration all of our research on the
company, its directors, and their short and long-term goals for the company. In cases where issues
that we generally do not approve of are combined with other issues, the negative aspects of the
issues will be factored into the evaluation of the overall proposals but will not necessitate a
vote in opposition to the overall proposals.

7

BOARD OF DIRECTORS

The advisers do not consider the election of the Board of Directors a routine issue. Each
slate of directors is evaluated on a case-by-case basis.

In general, we support the Board of Directors recommendation for auditors.

BLANK CHECK PREFERRED STOCK

We oppose the issuance of blank check preferred stock.

Blank check preferred stock allows the company to issue stock and establish dividends, voting
rights, etc. without further shareholder approval.

CLASSIFIED BOARD

A classified board is one where the directors are divided into classes with overlapping terms.
A different class is elected at each annual meeting.

While a classified board promotes continuity of directors facilitating long range planning, we feel
directors should be accountable to shareholders on an annual basis. We will look

8

at this proposal on a case-by-case basis taking into consideration the boards historical
responsiveness to the rights of shareholders.

Where a classified board is in place we will generally not support attempts to change to an
annually elected board.

When an annually elected board is in place, we generally will not support attempts to classify the
board.

INCREASE AUTHORIZED COMMON STOCK

The request to increase the amount of outstanding shares is considered on a case-by-case
basis.

Factors taken into consideration include:



Future use of additional shares

-

Stock split

-

Stock option or other executive compensation plan

-

Finance growth of company/strengthen balance sheet

-

Aid in restructuring

-

Improve credit rating

-

Implement a poison pill or other takeover defense



Amount of stock currently authorized but not yet issued or reserved for stock option plans



Amount of additional stock to be authorized and its dilutive effect

We will support this proposal if a detailed and verifiable plan for the use of the additional
shares is contained in the proxy statement.

CONFIDENTIAL BALLOT

We support the idea that a shareholders identity and vote should be treated with
confidentiality.

However, we look at this issue on a case-by-case basis.

In order to promote confidentiality in the voting process, we endorse the use of independent
Inspectors of Election.

9

CUMULATIVE VOTING

In general, we support cumulative voting.

Cumulative voting is a process by which a shareholder may multiply the number of directors being
elected by the number of shares held on record date and cast the total number for one candidate or
allocate the voting among two or more candidates.

Where cumulative voting is in place, we will vote against any proposal to rescind this shareholder
right.

Cumulative voting may result in a minority block of stock gaining representation on the board.
When a proposal is made to institute cumulative voting, the proposal will be reviewed on a
case-by-case basis. While we feel that each board member should represent all shareholders,
cumulative voting provides minority shareholders an opportunity to have their views represented.

DIRECTOR LIABILITY AND INDEMNIFICATION

We support efforts to attract the best possible directors by limiting the liability and
increasing the indemnification of directors, except in the case of insider dealing.

EQUAL ACCESS TO THE PROXY

The SECs rules provide for shareholder resolutions. However, the resolutions are limited in
scope and there is a 500 word limit on proponents written arguments. Management has no such
limitations. While we support equal access to the proxy, we would look at such variables as length
of time required to respond, percentage of ownership, etc.

FAIR PRICE PROVISIONS

Charter provisions requiring a bidder to pay all shareholders a fair price are intended to
prevent two-tier tender offers that may be abusive. Typically, these provisions do not apply to
board-approved transactions.

10

We support fair price provisions because we feel all shareholders should be entitled to receive the
same benefits.

Reviewed on a case-by-case basis.

GOLDEN PARACHUTES

Golden parachutes are severance payments to top executives who are terminated or demoted after
a takeover.

We support any proposal that would assure management of its own welfare so that they may continue
to make decisions in the best interest of the company and shareholders even if the decision results
in them losing their job. We do not, however, support excessive golden parachutes. Therefore,
each proposal will be decided on a case-by- case basis.

Note: Congress has imposed a tax on any parachute that is more than three times the executives
average annual compensation.

ANTI-GREENMAIL PROPOSALS

We do not support greenmail. An offer extended to one shareholder should be extended to all
shareholders equally across the board.

LIMIT SHAREHOLDERS RIGHTS TO CALL SPECIAL MEETINGS

We support the right of shareholders to call a special meeting.

CONSIDERATION OF NONFINANCIAL EFFECTS OF A MERGER

This proposal releases the directors from only looking at the financial effects of a merger
and allows them the opportunity to consider the mergers effects on employees, the community, and
consumers.

11

As a fiduciary, we are obligated to vote in the best economic interests of our clients. In
general, this proposal does not allow us to do that. Therefore, we generally cannot support this
proposal.

Reviewed on a case-by-case basis.

MERGERS, BUYOUTS, SPIN-OFFS, RESTRUCTURINGS

Each of the above is considered on a case-by-case basis. According to the Department of
Labor, we are not required to vote for a proposal simply because the offering price is at a premium
to the current market price. We may take into consideration the long term interests of the
shareholders.

MILITARY ISSUES

Shareholder proposals regarding military production must be evaluated on a purely economic set
of criteria for our ERISA clients. As such, decisions will be made on a case-by-case basis.

In voting on this proposal for our non-ERISA clients, we will vote according to the clients
direction when applicable. Where no direction has been given, we will vote in the best economic
interests of our clients. It is not our duty to impose our social judgment on others.

NORTHERN IRELAND

Shareholder proposals requesting the signing of the MacBride principles for the purpose of
countering the discrimination of Catholics in hiring practices must be evaluated on a purely
economic set of criteria for our ERISA clients. As such, decisions will be made on a case-by-case
basis.

In voting on this proposal for our non-ERISA clients, we will vote according to client direction
when applicable. Where no direction has been given, we will vote in the best economic interests of
our clients. It is not our duty to impose our social judgment on others.

12

OPT OUT OF STATE ANTI-TAKEOVER LAW

This shareholder proposal requests that a company opt out of the coverage of the states
takeover statutes. Example: Delaware law requires that a buyer must acquire at least 85% of the
companys stock before the buyer can exercise control unless the board approves.

We consider this on a case-by-case basis. Our decision will be based on the following:



State of Incorporation



Management history of responsiveness to shareholders



Other mitigating factors

POISON PILL

In general, we do not endorse poison pills.

In certain cases where management has a history of being responsive to the needs of shareholders
and the stock is very liquid, we will reconsider this position.

REINCORPORATION

Generally, we support reincorporation for well-defined business reasons. We oppose
reincorporation if proposed solely for the purpose of reincorporating in a state with more
stringent anti-takeover statutes that may negatively impact the value of the stock.

STOCK OPTION PLANS

Stock option plans are an excellent way to attract, hold and motivate directors and employees.
However, each stock option plan must be evaluated on its own merits, taking into consideration the
following:

Supermajority vote requirements in a companys charter or bylaws require a level of voting
approval in excess of a simple majority of the outstanding shares. In general, we oppose
supermajority-voting requirements. Supermajority requirements often exceed the average level of
shareholder participation. We support proposals approvals by a simple majority of the shares
voting.

LIMIT SHAREHOLDERS RIGHT TO ACT BY WRITTEN CONSENT

Written consent allows shareholders to initiate and carry on a shareholder action without
having to wait until the next annual meeting or to call a special meeting. It permits action to be
taken by the written consent of the same percentage of the shares that would be required to effect
proposed action at a shareholder meeting.

A portfolio team manages The Gabelli Global Gold, Natural Resources & Income Trust, (the Fund).
The individuals listed below are those who are primarily responsible for the day-to-day management
of the Fund.

Caesar M. P. Bryan serves as the Gold Companies Portfolio Manager for the Fund and is primarily
responsible for the day-to-day management of the Gold Companies portion of the Funds portfolio.
Mr. Bryan is a Senior Vice President and Portfolio Manager with GAMCO Asset Management Inc. (a
wholly owned subsidiary of GAMCO Investors, Inc.) since 1994.

Barbara G. Marcin serves as a Portfolio Manager for the Fund and is primarily responsible for the
day-to-day management of the Natural Resources Companies portion of the Funds portfolio. Ms.
Marcin joined GAMCO Investors, Inc. in 1999 as a Vice President and Portfolio Manager to manage
larger capitalization value style portfolios.

Vincent Hugonnard-Roche serves as a Portfolio Manager for the Fund and is primarily responsible for
the day-to-day management of the covered call portion of the Funds portfolio. Mr. Roche joined
GAMCO Investors, Inc. in 2000 as Director of Quantitative Strategies and Head of Risk Management.

MANAGEMENT OF OTHER ACCOUNTS

The table below shows the number of other accounts managed by each Portfolio Manager and the total
assets in each of the following categories: registered investment companies, other paid investment
vehicles and other accounts as of December 31, 2010. For each category, the table also shows the
number of accounts and the total assets in the accounts with respect to which the advisory fee is
based on account performance.

Total Assets in

No. of Accounts

Accounts where

Total

where Advisory Fee

Advisory Fee is

Name of Portfolio Manager or

No. of Accounts

is Based on

Based on

Team Member

Type of Accounts

Managed

Total Assets

Performance

Performance

1. Caesar M.P. Bryan

Registered Investment Companies:

4

852.0M

0

0

Other Pooled Investment Vehicles:

2

10.4M

2

10.4M

Other Accounts:

10

64.3M

0

0

2. Barbara G. Marcin

Registered Investment Companies:

3

2.0B

1

1.9B

Other Pooled Investment Vehicles:

1

36.0K

1

36.0K

Other Accounts:

48

157.8M

0

0

3. Vincent Hugonnard-Roche

Registered Investment Companies:

0

0

0

0

Other Pooled Investment Vehicles:

1

25.4M

0

0

Other Accounts:

1

339.9K

0

0

POTENTIAL CONFLICTS OF INTEREST

As reflected above, the Portfolio Managers manage accounts in addition to the Fund. Actual or
apparent conflicts of interest may arise when a Portfolio Manager also has day-to-day management
responsibilities with respect to one or more other accounts. These potential conflicts include:

ALLOCATION OF LIMITED TIME AND ATTENTION. As indicated above, the Portfolio Managers manage
multiple accounts. As a result, he/she will not be able to devote all of their time to the
management of the Fund. A Portfolio Manager, therefore, may not be able to formulate as complete a
strategy or identify equally attractive investment opportunities for each of those accounts, as
might be the case if he/she were to devote all of his/her attention to the management of only the
Fund.

ALLOCATION OF LIMITED INVESTMENT OPPORTUNITIES. As indicated above, the Portfolio Managers manage
accounts with investment strategies and/or policies that are similar to the Fund. In these cases,
if the Portfolio Manager identifies an investment opportunity that may be suitable for multiple
accounts, the Fund may not be able to take full advantage of that opportunity because the
opportunity may be allocated among all or many of these accounts or other accounts managed
primarily by other Portfolio Managers of the Adviser, and their affiliates. In addition, in the
event a Portfolio Manager determines to purchase a security for more than one account in an
aggregate amount that may influence the market price of the security, accounts that purchased or
sold the security first may receive a more favorable price than accounts that made subsequent
transactions.

PURSUIT OF DIFFERING STRATEGIES. At times, a Portfolio Manager may determine that an investment
opportunity may be appropriate for only some of the accounts for which he/she exercises investment
responsibility, or may decide that certain of the funds or accounts should take differing positions
with respect to a particular security. In these cases, the Portfolio Manager may execute differing
or opposite transactions for one or more accounts which may affect the market price of the security
or the execution of the transaction, or both, to the detriment of one or more other accounts.

VARIATION IN COMPENSATION. A conflict of interest may arise where the financial or other benefits
available to the Portfolio Manager differ among the accounts that he or she manages. If the
structure of the Advisers management fee or the Portfolio Managers compensation differs among
accounts (such as where certain accounts pay higher management fees or performance-based management
fees), the Portfolio Manager may be motivated to favor certain accounts over others. The Portfolio
Manager may also be motivated to favor accounts in which he or she has an investment interest, or
in which the Adviser, or their affiliates have investment interests. Similarly, the desire to
maintain assets under management or to enhance a Portfolio Managers performance record or to
derive other rewards, financial or otherwise, could influence the Portfolio Manager in affording
preferential treatment to those accounts that could most significantly benefit the Portfolio
Manager. For example, as reflected above, if a Portfolio Manager manages accounts, which have
performance fee arrangements, certain portions of their compensation will depend on the achievement
of performance milestones on those accounts. The Portfolio Manager could be incented to afford
preferential treatment to those accounts and thereby by subject to a potential conflict of
interest.

The Adviser, and the Funds have adopted compliance policies and procedures that are designed to
address the various conflicts of interest that may arise for the Adviser and their staff members.
However, there is no guarantee that such policies and procedures will be able to detect and prevent
every situation in which an actual or potential conflict may arise.

COMPENSATION STRUCTURE FOR THE PORTFOLIO MANAGERS OF THE ADVISER

The compensation of the Portfolio Managers for the Fund is structured to enable the Adviser to
attract and retain highly qualified professionals in a competitive environment. The Portfolio
Managers receive a compensation package that includes a minimum draw or base salary, equity-based
incentive compensation via awards of stock options, and incentive based variable compensation based
on a percentage of net revenue received by the Adviser for managing the Fund to the extent that the
amount exceeds a minimum level of compensation. Net revenues are

determined by deducting from gross
investment management fees certain of the firms expenses (other than the Portfolio Managers
compensation) allocable to the Fund (the incentive-based variable compensation for managing other
accounts is also based on a percentage of net revenues to the investment adviser for managing the
account). This method of compensation is based on the premise that superior long-term performance
in managing a portfolio should be rewarded with higher compensation as a result of growth of assets
through appreciation and net investment activity. The level of equity-based incentive and
incentive-based variable compensation is based on an evaluation by the Advisers parent, GBL, of
quantitative and qualitative performance evaluation criteria. This evaluation takes into account,
in a broad sense, the performance of the accounts managed by the Portfolio Manager, but the level
of compensation is not determined with specific reference to the performance of any account against
any specific benchmark. Generally, greater consideration is given to the performance of larger
accounts and to longer term performance over smaller accounts and short-term performance.

Footnote columns (c) and (d) of the table, by disclosing the following information in the
aggregate for all plans or programs publicly announced:

a.

The date each plan or program was announced  The notice of the potential repurchase of
common and preferred shares occurs quarterly in the Funds quarterly report in accordance with
Section 23(c) of the Investment Company Act of 1940, as amended.

b.

The dollar amount (or share or unit amount) approved  Any or all common shares outstanding
may be repurchased when the Funds common shares are trading at a discount of 7.5% or more
from the net asset value of the shares.

Any or all preferred shares outstanding may be repurchased when the Funds preferred shares
are trading at a discount to the liquidation value of $25.00.

c.

The expiration date (if any) of each plan or program  The Funds repurchase plans are
ongoing.

d.

Each plan or program that has expired during the period covered by the table  The Funds
repurchase plans are ongoing.

e.

Each plan or program the registrant has determined to terminate prior to expiration, or under
which the registrant does not intend to make further purchases.  The Funds repurchase plans
are ongoing.

Item 10. Submission of Matters to a Vote of Security Holders.

On December 3, 2010, the Board of Trustees of The Gabelli Global Gold, Natural Resources & Income
Trust (the Fund) amended and restated in its entirety the bylaws of the Fund (the Amended and
Restated Bylaws). The Amended and Restated Bylaws were deemed effective December 3, 2010.

Item 11. Controls and Procedures.

(a)

The registrants principal executive and principal financial officers, or persons
performing similar functions, have concluded that the registrants disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as
amended (the 1940
Act) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date
of the report that includes the disclosure required by this paragraph, based on their
evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17
CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of
1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrants internal control over financial reporting (as
defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the
registrants second fiscal quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the registrants internal control
over financial reporting.

Item 12. Exhibits.

(a)(1) Code of ethics, or any amendment thereto, that is the subject of disclosure required by
Item 2 is attached hereto.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the
Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-
Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of 1940, this report has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.

By (Signature and Title)*

/s/ Bruce N. Alpert

Bruce N. Alpert, Principal Executive Officer

Date 3/10/11

By (Signature and Title)*

/s/ Agnes Mullady

Agnes Mullady, Principal Financial Officer and Treasurer

Date 3/10/11

*

Print the name and title of each signing officer under his or her signature.